Stocks slump
Investors dumped stocks as a dismal jobs report renewed fears of a recession. The Dow Jones industrial average tumbled 253.31 points, or 2.2 percent, to 11,240.26, falling by triple digits for a second straight day. The Standard & Poor’s 500 lost 30.45 points, or 2.5 percent, to 1,173.97, while the Nasdaq Composite slid 65.71 points, or 2.6 percent, to 2,480.33.
Let’s twist!
The Fed will seek to narrow the difference between short- and long-term borrowing rates in a move dubbed “Operation Twist” as early as this month, according to Pimco, Goldman Sachs and Royal Bank of Canada.
Chipped
The Ontario Securities Commission will hold a hearing into Sino-Forest Corp. for alleged securities violations.
FTC scrutiny
The FTC has requested additional information on Express Scripts’ planned acquisition of Medco Health Solutions.
Lutz redux
General Motors formalized its relationship with former Vice Chairman Bob Lutz by hiring him as a part-time consultant.